Stackwell and the Michigan Black Business Alliance (MBBA) released a report that examined how access to investment, education, and behavioral tools affects the financial outcomes of Black small business owners. The new report, titled “Building Personal Wealth: Empowering Black Small Business Owners Through Investing,” was published by the Financial Health Network. The report builds on findings from the 2024 Small Business Investing Program (SBIP), where eligible MBBA members received funded investment accounts through the Stackwell investing platform, along with educational resources. How barriers block wealth for Black entrepreneurs Small Black-business owners face significant
AAPI, Black, and Latine entrepreneurship made durable gains in 2024, a new report by payroll manager Gusto has revealed. Additionally, many people were laid off from their jobs last year, but the percentage of entrepreneurs who started a business because they or their partner lost a job rose 67%. The findings come from a survey of 1,000-plus new business owners who launched businesses in 2024 by the Gusto Insights Group. Want to find out how well entrepreneurship did in 2024? Keep reading. AAPI, Black, and Latinx entrepreneurship have made durable
Greenwood, a digitally native financial platform, is relocating its headquarters to Tulsa and launching two new programs aimed at building wealth within the Black community. These initiatives come on the heels of Seattle-based tech veteran Dave Cotter‘s appointment as CEO. The new programs include the Cash Back for Buying Black™ program for Greenwood Premium Members and a new partner marketplace connecting Black communities with third-party loan providers and financial resources for Black entrepreneurs and families. A New Chapter with CEO Dave Cotter Greenwood was founded in 2020 by activist and
CEO and co-founder Eric Collins of Impact X Capital Partners announced the final close of its latest fund. Illumen Capital, a BIPOC-led investment firm based in Oakland, California, and Basecamp Fund, a fund of funds investing in upcoming managers from London’s Phoenix Court, supported the fund, as stated by the Voice. This fund will help Impact X fulfill its commitment to tackling systemic barriers in venture capital by assisting underrepresented entrepreneurs in high-growth industries such as technology, healthcare, and targeted creative sectors. “This fund close is about more than capital—it’s
HBCUvc Alumni Fellows invested over $10 million into Black-founded startups and organizations, according to the organization’s 2024 Annual Impact Report. Black entrepreneurs still struggle to gain capital. In 2024, Black-founded startups received just 0.48% of total US venture capital, from 1.3% in 2021 and 0.5% in 2023, according to Crunchbase. This decline comes at a time when the country is facing a vast overturn in DEI initiatives. HBCUvc aims to create a smooth pipeline of investors, supporting its program participants from their first exposure to venture capital through hands-on experience and,
Startup Noir NOLA is setting a new standard for empowering Black entrepreneurs and investors in New Orleans. This initiative, launched by Greater New Orleans Inc. (GNO Inc.), provides resources and opportunities to support the success of Black-led startups in a region brimming with potential. With access to networking events, educational sessions, and strategic mentorship, the program aims to address the systemic barriers that often hinder access to capital and connections. Closing the Funding Gap Despite the growth of venture capital, Black founders continue to receive only a fraction of total
Lorenzo Lewis, a Black entrepreneur born in prison, has overcome challenges to build a $20 million company focused on mental health advocacy. Despite facing tremendous challenges, including his own incarceration at 17, Lewis now leads a $20 million company, inspiring others through his story of resilience and success. From Incarceration to Entrepreneurship Despite facing difficult circumstances early in life, Lewis pursued higher education, earning degrees in Human Services and Public Administration. After his release, he founded The Confess Project of America (TCPA), a nonprofit organization aimed at breaking the stigma
In this week’s Techish, Abadesi and Michael reflect on the ups and downs of running their own companies: Vanity metrics and getting your priorities right (00:10) Why VC money seems so sexy (08:05) The secret to getting good feedback (11:35) The future of corporate anti-racism (19:05) Listen to the episode You can find the Techish podcast on Spotify, Apple, and all good podcast apps. Watch On YouTube Extra Reading and Resources Check out Hustle Crew’s Playschool Accelerator 2024.
Nearly 8 in 10 (77%) Black professionals aspire to start their own business within the next year, according to a recent LinkedIn report. This surge is part of a broader movement as professionals increasingly turn to freelancing, consulting, or launching side hustles to gain flexibility and control over their careers. Why Entrepreneurship is on the Rise Several factors contribute to this rise in entrepreneurial ambition. The report reveals that 85% of Black professionals believe having multiple streams of income is essential, and 69% say recent layoffs in the news have
Female entrepreneurs of color remain among the most disadvantaged in raising capital, despite growing efforts to support diversity in entrepreneurship, according to The Funding Divide report. Persistent Challenges in Fundraising The report, published by DocSend and Dropbox, found that racially diverse, all-female startup founding teams spent the longest time raising capital. In 2023, they spent an average of 25 weeks fundraising in 2023, a 67% increase from 2022. Despite this extended effort, they secured an average of only $460,000, the lowest amount among all demographic groups. In contrast, racially diverse,
